BUZZ-DB expects EU pharma 'malaise' to continue amid US headwinds

Reuters

Jul 08, 2025

BUZZ-DB expects EU pharma 'malaise' to continue amid US headwinds

** Deutsche Bank stays cautious about the European pharmaceutical sector, expecting "the sector malaise" to persist due to political headwinds in the U.S.

** It says that "things have got a little slipperier" for the sector's outlook, though there may also be opportunities

** It adds that while the pan-European index .STOXX is up YTD, the pharma sub-sector .SXDP has fallen, with large pharma down by mid-single digits

** If excluding Novo Nordisk NOVOb.CO, the pharma sector performance would have been slightly better, it says

** Novo Nordisk's shares have fallen 29% YTD

COMPANY	RATING	OLD RATING	PT	OLD PT
Argenx ARGX.BR	Buy	Hold	EUR 550	EUR 525
Swedish Orphan Biovitrum SOBIV.ST	Hold	Sell	SEK 285	-
Curevac CVAC.O 5CV.DE	Hold	-	$5.46	$3.50
Roche ROG.S	Sell	-	CHF 235	CHF 250
Sandoz SDZ.S	Buy	-	CHF 48	CHF 42
Zealand Pharma ZELA.CO	Hold	-	DKK 400	DKK 485

(Reporting by Marta Serafinko in Gdansk)

((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))

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